EXPERIENCE ART AND DESIGN, INC. (OTCMKTS:EXAD) Files An 8-K Regulation FD DisclosureITEM 7.01 Regulation FD Disclosure
Experience Art and Design – Closing Update.
The management of EXAD has secured a $200,000 short term bridge loan, in order to close the acquisition of Incite by August 31, 2017. The bridge loan will be funded once a formal commitment letter and closing date have been received from Wells Fargo.
As the current management has done previously, when they acquired Native Outfitters, the Company will enter into a non-dilutive bridge loan to close the transaction.
The bridge loan will be repaid from the proceeds of the loan being obtained through Wells Fargo, there will be no equity issued to fund or repay the loan.
The loan is currently working through the valuation process, once that is finalized the bank will issue a formal commitment letter and Closing date.
The Fourth Quarter will reflect the combined revenues of both Incite and Native on the books of EXAD.
About EXPERIENCE ART AND DESIGN, INC. (OTCMKTS:EXAD)
Experience Art and Design, Inc. is a development-stage company. The Company is focused on two primary business models: the re-work of existing oil wells and dry cleaners, through two subsidiary companies: TransAmerican Oil and Metropolitan Dry Cleaners respectively. TransAmerican Oil is an oil and gas company, pursuing either producing turnkey oil wells, or developing fresh oil wells on producing leases within the Continental United States. The properties in which TransAmerican Oil is pursuing interests, are in various stages of development. TransAmerican is focused on the exploration, development and production of properties geographically located in the Continental United States. Metropolitan Dry Cleaners provide dry cleaning, laundry, and garment alteration services, along with regular home pick-up and delivery services. Metropolitan Dry Cleaners will have both production facilities and retail storefronts to complement its pick-up and delivery service.